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Frequently asked questions
What is the difference between a Creditors Voluntary Liquidation (CVL) and a Members Voluntary Liquidation (MVL)?
A Creditors Voluntary Liquidation (CVL) is used for insolvent companies where directors cannot pay debts as they fall due. It involves appointing a liquidator to sell assets and distribute proceeds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors can confirm solvency, and it is often used for tax-efficient capital distribution. In an MVL, a liquidator is appointed to wind up the company's affairs and distribute surplus assets to shareholders, with no creditor involvement required.
How long does the liquidation process take in Alcester?
The length of a liquidation process varies depending on the complexity of the company's affairs. A simple Creditors Voluntary Liquidation (CVL) typically takes between 6 to 12 months to complete, including the statutory final meeting and dissolution. An MVL can be faster, often completed in 3 to 6 months. However, if there are complex asset sales, legal disputes, or unravelling of pre-liquidation transactions, the timeline may extend. Your liquidator will provide a realistic estimate after reviewing your specific circumstances.
What are the costs involved in appointing a company liquidator in Alcester?
Liquidation costs are generally paid from the company's assets before any distribution to creditors. For a CVL, the liquidator's fees are typically based on a fixed fee or a percentage of realisations, and they must be approved by creditors. In an MVL, the fees are agreed with the shareholders and paid from company funds. We offer transparent, upfront pricing with no hidden charges. During your free consultation, we will provide a detailed breakdown of all anticipated costs, ensuring you know exactly what to expect before proceeding.
Can directors be held personally liable for company debts after liquidation?
Directors are generally not personally liable for company debts if they have acted in good faith and fulfilled their statutory duties. However, personal liability can arise if there is evidence of wrongful trading, fraudulent trading, or misfeasance, such as taking excessive director loans or continuing to trade while insolvent. Our role as liquidators is to investigate director conduct. If we find no misconduct, you will be released from liability for most debts, and you can move forward without personal financial consequences. We provide guidance to help you avoid any pitfalls.
What happens to employees when a company goes into liquidation?
When a company enters liquidation, all employees are automatically dismissed from their roles. The liquidator takes over responsibility for employee matters, including calculating statutory redundancy pay, notice pay, and unpaid wages. These claims are preferential debts and are usually paid from company assets or through the National Insurance Fund (via the Redundancy Payments Service) if assets are insufficient. The liquidator will provide each employee with a claim form and guide them through the process. We ensure that all employee entitlements are handled fairly and in accordance with employment law.
Can I continue trading after my company has entered liquidation?
Once a company enters liquidation, the liquidator takes control of the business and assets. The company cannot continue trading under its original name, and directors lose their powers. However, you may be able to purchase the business assets from the liquidator and start a new company, subject to certain restrictions under the Insolvency Act 1986, such as not using a 'phoenix' name without permission. We can advise on the legal options available to you, including buying back assets and obtaining necessary clearances to avoid potential penalties.
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